CBN to Freeze Bank Accounts without BVN, NIN from March 2024
Posted: December 3rd, 2023, 1:37 am
The Central Bank of Nigeria (CBN) yesterday said it has become mandatory for all Tier-1 bank accounts and wallets for individuals to have either the Bank Verification Number (BVN) or National Identity Number (NIN) or both.
Owing to this, the central bank warned that effective March 1, 2024, all funded accounts or wallets without BVN or NIN shall be placed on “Post No Debit or Credit” and no further transactions permitted.
It said BVN or NIN attached to and/or associated with all accounts or wallets must be electronically revalidated by January 31, 2024.The apex bank, stated this in a circular dated December 1, 2023, and addressed to all commercial, merchant, non-interest and payment service banks; as well as Other Financial Institutions (OFIs), and mobile money operators, which was signed jointly by the CBN Director, Payments System Management Department, Chibuzo Efobi and Director, Financial Policy and Regulation Department, Haruna Mustafa.
The apex bank noted that henceforth, all existing customer accounts or wallets for individuals with validated BVN shall be profiled in the NIBSSIndustry Customer Account Database (ICAD) immediately and within 24 hours of opening accounts/wallets.The circular highlighted key amendment to Section 1.5.3 of the Regulatory Framework for Bank Verification Number (BVN) Operations and Watch-List for the Nigerian Banking Industry (The Guidelines).
https://www.thisdaylive.com/index.php/2 ... arch-2024/
Owing to this, the central bank warned that effective March 1, 2024, all funded accounts or wallets without BVN or NIN shall be placed on “Post No Debit or Credit” and no further transactions permitted.
It said BVN or NIN attached to and/or associated with all accounts or wallets must be electronically revalidated by January 31, 2024.The apex bank, stated this in a circular dated December 1, 2023, and addressed to all commercial, merchant, non-interest and payment service banks; as well as Other Financial Institutions (OFIs), and mobile money operators, which was signed jointly by the CBN Director, Payments System Management Department, Chibuzo Efobi and Director, Financial Policy and Regulation Department, Haruna Mustafa.
The apex bank noted that henceforth, all existing customer accounts or wallets for individuals with validated BVN shall be profiled in the NIBSSIndustry Customer Account Database (ICAD) immediately and within 24 hours of opening accounts/wallets.The circular highlighted key amendment to Section 1.5.3 of the Regulatory Framework for Bank Verification Number (BVN) Operations and Watch-List for the Nigerian Banking Industry (The Guidelines).
https://www.thisdaylive.com/index.php/2 ... arch-2024/